1 March 2004

Raffles Medical Group (RMG) ended year 2003 on a high note with strong performances from key operating units, namely Raffles Hospital and Raffles Medical clinics.

Boosted by increased admissions at Raffles Hospital in 4th quarter 2003 and a rise in foreign patient volume, the Group experienced a healthy 12.6 per cent growth in revenue and a 78.9 per cent growth in net profit after tax and minority interests over 2002.

Compared to 2002, the Group's revenue grew from $88.0 million to $99.1 million and net profit after tax and minority interests increased from $4.5 million to $8.1 million.

Revenue at Raffles Hospital grew 10.0 per cent from $36.9 million to $40.5 million and profit before tax grew 79.7 per cent, from $0.8 million to $1.4 million. Admissions for the whole year rose by 21.2 per cent over the previous year, with the 4th quarter chalking the highest increase. The Group has also seen an increase in foreign patients from the region. Foreign patients now make up about 30 per cent of all patients at the hospital.

The Raffles Medical clinics contributed positively to the Group's performance as patient numbers continue to grow. Revenue from the clinics grew 11.4 per cent from $55.2 million to $61.5 million and profits before tax rose 57.7 per cent from $5.2 million to $8.2 million.

As the Government continues to promote Singapore as a medical hub, and with a better-than-expected economic outlook predicted for the rest of the year, the Directors are upbeat that the Group will continue to perform well. In view of the good results for 2003, the Directors have recommended a final dividend of 15 per cent, and a special dividend of 10 per cent.

The Group will actively market Raffles Hospital's services in the region while rolling out cost-effective healthcare for more local patients.

Said Dr Loo Choon Yong, Executive Chairman of Raffles Medical Group: "Having weathered a difficult year and emerged unscathed, we have not just become stronger, but will be a leading healthcare player in the region.

With Raffles Health, our new personal healthcare unit, our clinics and the hospital growing from strength to strength, RafflesMedicalGroup will continue to provide comprehensive and total healthcare to more corporate clients and patients."

Corporate Profile

Raffles Medical Group is a leading integrated private healthcare provider in Singapore and the region.

Raffles Medical clinics form the largest network of private GP clinics with 60 facilities spread across the island. We also have 5 clinics in Hong Kong.

Raffles Hospital, the flagship hospital of Raffles Medical Group, is a 380-bed private tertiary hospital located in the heart of Singapore. We offer a wide range of specialist medical and diagnostic services for both inpatients and outpatients. Representing more than 30 disciplines, our team of specialists constitutes a group practice combining sub-specialty expertise and teamwork to ensure optimal, affordable and high quality care for our patients. We also have a representative office in Indonesia.

Raffles Health, the Group's personal healthcare unit, was introduced in March 2003 to develop and market quality healthcare products to promote personal health and well-being.

For more information, please contact:

Liang Hwee Ting (Ms)
Corporate Communications Manager, Raffles Medical Group
DID: (65) 6311 1312
Mobile: 97628572
Fax: (65) 6311 2383
Email: liang_hweeting@rafflesmedical.com

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